Second Quarter 2011 Results

"We had another excellent quarter as we benefited from increasing demand for energy-saving and environmentally friendly products in China. Increased sales of amorphous alloy cores confirm the underlying strength of the addressable market we serve," began Chairman Yong Xing Song of China Power Equipment. "The strong sales growth in the second quarter underscores our brand equity and the fact that our marketing and sales strategy is working well with leading transformer manufacturers. As our new production facility comes online this fall, we will have the ability to bid for larger products which will enable us to make further market share gains in the rapidly growing amorphous transformer segment."